Oxford Instruments PLC AGM Statement (9360L)

TIDMOXIG

RNS Number : 9360L

Oxford Instruments PLC

11 September 2012

Release time & date: 7:00am 11/09/2012

Oxford Instruments plc Chairman's AGM Statement 2012

Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, is holding its annual general meeting today in which the Chairman, Nigel Keen will make the following statement:

"In June 2011 we outlined our 14 cubed objective to achieve a compound annual revenue growth rate of 14% and a return on sales of 14% by the financial year ending March 2014. It is anticipated that this objective will be achieved predominantly through organic growth and continuing internal efficiency improvements, augmented by targeted bolt on acquisitions.

The year to March 2012 was the first year of the 14 Cubed plan and we reported sales growth of 29% split equally between organic growth and the three bolt-on acquisitions we made to strengthen our competitive position. Return on sales also improved in line with our targets, increasing from 10.7% to 12.5%

In the current year our Nanotechnology Tools business has made good progress as Oxford Instruments' customers use our equipment to work at the frontiers of science and improve the efficiency of high technology production facilities. The launch of our new XMax large area detector in August has further consolidated our position as a leading provider of advanced material analysis equipment.

Over the same period our Industrial division has also continued to trade in line with expectations. Our customers use Oxford Instruments' equipment to implement high-tech manufacturing strategies for advanced materials and products. Sales have been helped by the launch of the new X-MET 7500 hand held material analyser which is helping to grow our market share.

The Service division has performed well providing aftermarket service to the installed base of Oxford Instruments equipment. The Platinum Medical Imaging business acquired in November last year has integrated well and further strengthened our offering in this area.

Order intake from our research markets remains good although as expected there has been some softness in our industrial markets. Despite the ongoing uncertainties in global economies, we believe the diversity of our activities combined with our strong pipe-line of new products will continue to provide good growth opportunities for the Group.

The Board anticipates that Oxford Instruments will continue to make progress in line with our expectations for the financial year."

- Ends -

Issued for and on behalf of Oxford Instruments plc

For further information please contact:

 
 Oxford Instruments Plc                 +44 (0)1865 393200 
 Jonathan Flint - Chief Executive 
 Kevin Boyd - Group Finance Director 
 
 MHP Communications                     +44 (0)20 3128 8100 
 Rachel Hirst / Ian Payne

Notes to Editors

About Oxford Instruments plc

Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. It provides solutions needed to advance fundamental physics research and its transfer into commercial nanotechnology applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 50 years, and its strategy is to effect the successful commercialisation of these ideas by bringing them to market in a timely and customer-focused fashion.

The first technology business to be spun out from Oxford University over fifty years ago, Oxford Instruments is now a global company with over 1900 staff worldwide and is listed on the FTSE250 index of the London Stock Exchange (OXIG). Its objective is to be the leading provider of new generation tools and systems for the research and industrial sectors.

This involves the combination of core technologies in areas such as low temperature, high magnetic field and ultra high vacuum environments, Nuclear Magnetic Resonance, X-ray, electron and optical based metrology, and advanced growth, deposition and etching.

Oxford Instruments aims to pursue responsible development and deeper understanding of our world through science and technology. Its products, expertise, and ideas address global issues such as energy, environment, security and health.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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